Narmi will replace a hold on the new account for the amount of the funds deposited. This hold is configurable by funding type, since your institution typically receives new funds for card-funded accounts faster than for ACH-funded accounts.
Typically, institutions place 0- to 5-day holds on newly opened accounts. Consult your Narmi Implementation Manager on the optimal hold time for your institution.
Your financial institution can customize holds using the following settings in Narmi Command under Configurations > Institution settings:
Hold Length For Funding via ACH – The number of business days that a hold is applied when an applicant uses a bank account for initial funding in Narmi Grow. The default is 5 days.
Hold Length For Funding via ACH From Same Institution – The number of business days that a hold is applied when an applicant uses a bank account at your institution for initial funding in Narmi Grow. Defaults to the number of hold days specified in the above setting (Hold Length For Funding via ACH).
Hold Length For Funding via Debit/Credit Card – The number of business days that a hold is applied when an applicant uses a debit or credit card for initial funding in Narmi Grow. The default value is 1 day.